Generally Accepted Accounting Principles

Core TSIs : Lease Accounting : Lease accounting concepts : Accounting standard : Generally Accepted Accounting Principles - GAAP

Generally Accepted Accounting Principles - GAAP

Generally accepted accounting principles (GAAP) refer to a common set of accounting principles, standards and procedures that companies must follow when they compile their financial statements. GAAP is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. GAAP improves the clarity of the communication of financial information.